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CGG and Shearwater have agreed to suspend negotiations around creating a marine streamer equipment JV until visibility in the streamer replacement cycle improves. The companies said that decision comes due to the downturn in the oil and gas industry, triggered by the Covid-19 pandemic. Both parties will continue the marine acquisition partnership, but also with... Continue Reading →
Offshore accommodation rig provider Prosafe has managed to reduce its quarterly loss despite lower revenues due to lower fleet utilisation and average day rates following the Covid-19 pandemic and oil price crash. Prosafe said on Thursday that its EBITDA for the third quarter was negative by $1.2 million compared to a positive of $26.3 million... Continue Reading →
Oil and gas company Apache Corporation has selected its fifth exploration well offshore Suriname in Block 58 and filed appraisal plans for two previous discoveries. Apache said in its third-quarter financial report that the company has selected its fifth exploration well – named Bonboni –situated in the North Central portion of Block 58. The company... Continue Reading →
Total is seeking to sell stakes in a number of Angolan oilfields, in what is seen as an early sign of an expected wave of divestments by big energy companies from the West African country, industry sources said. Total could raise around $300 million from the sale of its 20% stake in Angola's offshore Block... Continue Reading →
(Reuters) British oil major BP is close to selling its central London headquarters for about 250 million pounds [around $324,4 million] as the coronavirus pandemic has forced the company to cut costs, the Financial Times reported on Tuesday. The office, located at St James' Square, which houses about 500 employees is under offer to Lifestyle... Continue Reading →
Message from the Management “In this quarter, we continued to focus on keeping our operations safe and reliable, protecting the health of our employees and contractors on board, reducing the risk of Covid-19 spreading in our operations and minimizing the impact on our business. At the same time, we delivered the review and adjustment of... Continue Reading →
Oilfield services provider Petrofac has completed the disposal of its non-core assets in Mexico to Perenco, but the two companies have entered into a dispute related to this transaction. Petrofac first sold a 49 per cent of its operations in Mexico to Perenco back in October 2018. This included contracts for work on the Santuario and... Continue Reading →
Offshore drilling contractor Transocean booked a profit in the third quarter of 2020 backed by a gain on restructuring and retirement of debt, offset by a loss on disposal of assets. Transocean on Monday reported a net income attributable to controlling interest of $359 million for the third quarter of 2020 compared to a loss a year... Continue Reading →
UK oil company Premier Oil's creditors have given their approval for the company's merger with rival Chrysaor, proposed in October. To remind, the two UK-based offshore oil and gas companies Premier Oil and Harbour-controlled Chrysaor agreed to merge in an all-stock transaction, via a reverse takeover. The involved parties said the proposed merger would create... Continue Reading →
Norwegian company Aker Offshore Wind has received funding from Enova for a pre-project that aims to reduce costs and increase maturity in important technical segments of offshore floating wind. Enova is Norway’s innovation fund for environmentally friendly technologies. The objective of the project is to better understand how technology solutions can enable the use and development of a Norwegian... Continue Reading →
